The Phoenix Companies, Inc. (NYSE:PNX) today announced the success of
its previously announced solicitation of bondholders holding its
outstanding 7.45% Quarterly Interest Bonds due 2032 (CUSIP 71902E 20 8)
seeking a one-time consent to amend the indenture governing the bonds
and provide a related waiver. The goal of the solicitation was to obtain
consents from holders representing a majority of the outstanding
principal amount of the bonds, and Phoenix received consents
representing at least 65%.

The approval of the amendments and waiver allows Phoenix to extend the
date for providing its third quarter 2012 Form 10-Q to the bond trustee
to March 31, 2013.

As previously reported, Phoenix is restating financial statements for
several prior periods and, as a result, delayed filing its third quarter
2012 Form 10-Q with the Securities and Exchange Commission (SEC (News - Alert)). That
delay prevented Phoenix from filing the required Form 10-Q with the bond
trustee within 15 days after the SEC filing deadline. The company
intends to file its third quarter 2012 Form 10-Q with the SEC prior to
the timely filing of its year-end 2012 Form 10-K. The SEC's deadline for
the Form 10-K filing is March 18, 2013.

ABOUT PHOENIX

Headquartered in Hartford, Connecticut, The Phoenix Companies, Inc.
(NYSE:PNX) is a boutique life insurance and annuity company serving
customers' retirement and protection needs through select independent
distributors. For more information, visit www.phoenixwm.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The foregoing may contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. We
intend these forward-looking statements to be covered by the safe harbor
provisions of the federal securities laws relating toforward-looking
statements.These forward-looking statements include statements
relating to trends in, or representing management's beliefs about, our
future transactions, strategies, operations and financial results, and
often contain words such as "will," "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "is targeting," "may," "should" and
other similar words or expressions. Forward-looking statements are made
based upon management's current expectations and beliefs concerning
trends and future developments and their potential effects on us.They
are not guarantees of future performance.

Our actual business, financial condition or results of operations may
differ materially from those suggested by forward-looking statements as
a result of risks and uncertainties which include, among others: the
Company's ability to produce restated financial results and provide
final third quarter and year-end 2012 financial information in the
anticipated timeframes or to achieve the anticipated results of the
consent solicitation; the impact of downgrades in our debt or financial
strength ratings; the impact on our ability to hedge our positions due
to the inability to replace hedges as a result of our credit rating and
the default under the Indenture covering the securities; if we fail to
maintain an effective system of internal control over financial
reporting, the accuracy and timing of our financial reporting may be
adversely affected and, as previously reported, management will likely
conclude that there are one or more material weaknesses in our internal
control over financial reporting; the impact of our anticipated
incurrence of significant expenses related to our financial restatement,
the consent solicitation and our failure to timely file our third
quarter 2012 Form 10-Q with the SEC and deliver it to the trustee under
the indenture for the securities; the impact that our financial
restatement, the events which caused the need for the consent
solicitation, and the delay in filing our third quarter 2012 Form 10-Q
may have on our ability to access alternate financing arrangements to
fund our ongoing operations, particularly in the event the payment
obligation with respect to the securities is accelerated as provided in
the indenture; the impact of the financial restatement process of one of
our principal insurance company subsidiaries, our financial restatement,
and the events that caused the need for the consent solicitation on the
level of regulatory scrutiny on us and our subsidiaries; the impact of
our limited ability to register our securities for offer and sale until
we are current with our relevant SEC filing obligations; the impact,
which may be adverse, on the market value of the bonds if the requisite
number of consents to effect the amendments and waiver proposed in the
Consent Solicitation Statement are received and such proposed amendments
and waiver are given effect; and the impact of the outcome of litigation
and other claim not in our favor, which could have a material adverse
effect on our financial condition, liquidity or consolidated financial
statements.

Certain other factors which may impact our business, financial
condition or results of operations or which may cause actual results to
differ from such forward-looking statements are discussed or included in
our reports filed with the SEC and are available on our website at www.phoenixwm.com
under "Investor Relations."You are urged to carefully consider
all such factors.We do not undertake or plan to update or revise
forward-looking statements to reflect actual results, changes in plans,
assumptions, estimates or projections, or other circumstances occurring
after the date of this news release, even if such results, changes or
circumstances make it clear that any forward-looking information will
not be realized.